LOAN AGREEMENT BETWEEN CRSP-ELF
AND (your name)________________________
I, _________________________, (lender), agree to loan $ _________to CRSP’ Ecological Revolving Loan Fund (ELF) for use in (check one or more):
_____ The pre-development expenses for the redevelopment of the auto shop and café property at 3554/3560 W. First St. (Working Project Title: Raisin’songs)
_____ To pay back current lenders at the expiration of their loan periods.
_____ To provide seed capital for green business and organization development within L.A. Eco-Village, or a specific LAEV project (circle those that apply): LAEV Family Child Care Veggie Café Food Lobby Co-op Small co-op oriented green businesses associated with 3554 W. First St.
_____ Any or all of the above.
Term of the loan is (check one or more): __3 months ____1 year __2 years __5 years __Other __To be reviewed annually (CRSP will check in with you each year within a month before your loan start date month).
The interest rate shall be 1.5% at this time (2017) and will be on a simple interest basis. CRSP shall pay me the interest amount every three months starting at the end of the first full quarter after the loan has been deposited by CRSP. CRSP-ELF may negotiate other payment options to be included on this agreement or as a future amendment to this agreement by mutual consent with the lender.
At the end of the initial loan period, the full principal will be due from CRSP along with the then-due interest payment. At the end of the initial loan period, also, I (the lender) will have the option of renewing the loan on a simple-interest or amortizing basis at an interest rate and term to be determined at that time between CRSP and lender.
In the event that CRSP decides to pay back the loan in part or full prior to the full term of the loan, there will be no interest penalty. In the event that I (the lender) must have my loan paid back prior to its due date, arrangements may be made with CRSP without penalty to me. Generally between 30 and 90 days notice is required for early paybacks, depending on the size of the loan.
Please let CRSP know if it is okay to publicly identify you as a CRSP-ELF lender: ___ Yes ___ No
Please let CRSP know if it is okay to have other potential lenders contact you for reference purposes:
___ Yes ___ No
City, zip code_________________________________
Phone no., email address: _______________________________________________
Agreed by: CRSP:_______________________________________________________
Signature: Lois Arkin, Executive Director, CRSP Corporate Treasurer
Make checks out to CRSP. Mail to:
CRSP Attn: Lois 117 Bimini Pl., #221 Los Angeles 90004
More info: www.laecovillage.org firstname.lastname@example.org or call Lois Arkin 213/738-1254
Updated September 2020